Fogel's (1964) work on railroads after the Civil War shows that they did not dominate the markets for steel, coal or wood

Cost-push inflation can be started by

A) a decrease in the money wage rate. B) an increase in the money prices of raw materials. C) an increase in the quantity of money. D) an increase in government expenditure on goods and services. E) a decrease in government expenditure on goods and services.

There are two closely related crops, X and Y, with the following demand functions QX = 180 - 2PX + PY and QY = 150 + PX - PY where QX is the quantity of X, PX is the price of X, QY is the quantity of Y, and PY is the price of Y. These two crops are grown in two widely separated countries so there is no interrelationship between the supply curves. The short-run perfectly inelastic supply for X is

200 while the short-run perfectly inelastic supply for Y is 100. In equilibrium, the prices are A) PX = 30, PY = 80. B) PX = 40, PY = 60. C) PX = 60, PY = 120. D) PX = 80, PY = 130.